370: Finance Friday: How to Build a Six-Figure Business (in Your 20s!)

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 6 January 2023

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

How can a simple pressure washing business make you six figures of income a year? With a startup cost of only a couple hundred dollars, today’s guest Chris expanded his pressure washing, Christmas light-hanging, gutter-cleaning operation into a profitable business with multiple employees and a stacked schedule. But, as Chris has started to expand, he’s seen his personal profits decline, so should he outsource less so he can keep more of the revenue he’s working hard to bring in? Welcome back to another Finance Friday episode, where we talk to Chris, a twenty-six-year-old entrepreneur learning to navigate profits, payroll, customer acquisition, and more in his pressure washing business. Chris found an interesting niche to serve; older communities in his home state of California. He’s been able to build a brand, grow his business, and have a Rolodex full of repeat clients, but he still doesn’t know the best way to scale. Not only that, Chris also started investing in real estate, with a cash-flowing house hack allowing him to eliminate his housing costs. Chris wants to know the best way to expand his business while still retaining his high margins, what type of healthcareplan he should be on now that he’s twenty-six, when he should look to buy another house hack, and how to keep investing. Chris is on a bright path already, but with a few tweaks, he could be financially free in only a few more years! In This Episode We Cover How to build a business that will gross six figures even if you have no entrepreneurial experience Payroll, employees, and how to outsource more of your work so you can focus on expanding Turning a service-based business into a profitable, repeatable empire House hacking explained and using it to reduce your cost of living significantly Healthcare for entrepreneurs and why the HSA is the “ultimate retirement account” Growing your business so you can reach financial freedom even faster And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: Tips to Build a House Hack STACK in Your 20s Finance Friday: From $33k in Debt to $100k+ in Net Worth Through House Hacking & Smart Saving with Budget Girl The House Hacking Strategy with Craig Curelop Click here to check the full show notes: https://www.biggerpockets.com/blog/money-370 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pockets Money Podcast, Finance Friday edition, where we interview Chris and talk about FI when you own your own business.
0:08.0	I found out that the real problem there is in sticky garbage cans. It's that old ladies and grandmas don't want to climb ladders.
0:14.0	So that's pretty much what we do is ladder related home minutes for grandmas living in these communities where we do their home minutes so that they ultimately have the opportunity to maintain their independence in the place that they love the most.
0:25.0	And graduated college came back home to grow it. We've as you described hired employees and kind of doubled every year largely since I came back home.
0:34.0	So that kind of put me on the kickstarted me to interpersonal development and find it all about podcasts and your estate and investing.
0:42.0	So you're in today.
0:43.0	Hello, hello, hello, my name is Mindy Jensen and with me as all-wathed is my way to corporate for a startup co-host Scott Tech.
0:50.0	Thanks Mindy, unlike our guest today, I never had to climb the corporate ladder.
0:54.0	No, you quit the worst company to work forever.
0:59.0	Get it because he's got a ladder. Okay.
1:01.0	Oh, no, I missed it. Oh, that's because puns are terrible, Scott.
1:06.0	Scott and I are here to make financial independence less scary, less just for somebody else to introduce you to every money story because we truly believe financial freedom is a table for everyone no matter when or where you're starting.
1:18.0	That's right. Whether you want to retire early and travel the world going to make big time investments and assets like real estate or start your own ladder business.
1:26.0	Mindy, we'll help you reach your financial goals and get money out of the way so you can launch yourself towards those dreams.
1:31.0	Scott, I apologize for missing your amazing pun. You're so great at these amazing puns.
1:36.0	I am excited to talk to Chris today. He has started a really cool business right out of high school.
1:45.0	I think that he shows an enormous amount of initiative and he went to he continued to go to school while running the successful business.
1:54.0	And now is looking towards his financial future to determine when he's done running this business what he wants to do.
2:04.0	He wants to set himself up for financial freedom, but he's not that interested in the early retirement part of financial of a fire, which I think is great because I don't think you should focus on the the retire early part.
2:17.0	I think you should focus on getting enjoyment out of your life, but I did enjoy talking to him. Scott.
2:22.0	Yeah, I thought it was really interesting. I think that.
2:25.0	Look, Chris has a services business and a challenge in the services business for somebody who starts off as a self-employed entrepreneur just themselves, which is what Chris started as, is that when you begin to expand, you inevitably erode your profits, right?
	...

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